What happens to your residency status if you are on an investors Visa

Since the required deposit for an investor is $25,000 and that is also the limit for government insured savings, the obvious answer is to put the money in a bank covered by the insurance, do not let the lure of higher interest rates draw you into an uninsured deposit.  While the results of said closed institution have not been finalized and little or no loss could be involved, why worry when you can avoid such situations?
Many do keep their money in foreign banks and draw on them when they must.  For USA citizens it is best to keep your total foreign bank accounts under $10,000 in value at any time during the year to avoid having to fill out and file form TD F 90-22.1 by June 30th of the following year.
Zen took a trip to Ecuador the previous year and just came back because he knew it was right for him.  You may want to consider doing the same, not burning all of your bridges until you have some boots on the ground experience.  Zen will tell you the truth and be more than happy to answer your questions, as will many others on the site.  Best of luck in your search.

On that note I want to get my investor visa through the 25k (cd) way so what banks in Ecuador are covered by insurance regardless of the interest rate?

Kurt

"Was curious if the residency visa will be revoked if the money is gone?"

They want you to invest money in Ecuador. While it may have to be meet certain requirements as to the nature of the investment, they donŽt care if you lose that money. You will still be able to remain in Ecuador if the investment goes belly up.

GOLEAFSGO wrote:

so what banks in Ecuador are covered by insurance regardless of the interest rate?

That was covered on CuencaŽs top website.

Thanks Nards!!!!!!!!!!!!

I was planning on buying a 25k cd from Coopera in August just to get my Visa because it was recommended from another source that told me of the high interest rate they gave. I will look into JEP when I'm in Ecuador next month. I clicked on their website but I can't read Spanish!

Cheers Kurt

It never ceases to amaze me how investment naivety runs rampant regardless of the country from which it originates.
Why does anyone make any investment with any financial source without doing their proverbial homework.
In the case of coop era and those folks who were affected by it's closing, it's their own fault.
Greed and the quest for higher returns is so much of the investment philosophy that caution is almost always thrown to the wind. Just plain ridiculous that anyone invests with any firm without considerable reading and questioning their style, track record and most important the exposure your investment experiences when you invest with them.
Do I feel sorry for those folks seeking a higher return on their CD from Coopera a non insured financial source? NO, it's their own fault and these are the same people who'll throw Ecuador and it's banking system under the bus because of their own stupidity.
Of course they'll never divulge their stupidity and lack of investment homework for these and similar investments.
CAUTION is the better part of investment! Never forget it!

download Google Chrome and open the website in that browsers it will translate it for you to english

Thanks for the Help!
So what I don't understand with the credit union called JEP which looks doable to buy a 25k CD with interest to get your residence Visa,the problem is you need your Cedula and/or your Visa to open an account which you can't get until you invest the 25k first!

Cheers Kurt

Make sure you put your $25k in an insured bank. I did and when the bank (Banco Territorial) closed, I got my money back. I had to put it in another CD to keep my residency visa (which involved about 6 trips to immigration and 2 trips to Central Bank).

Even though property investments are not discussed here, some may want to take that route. If so, please understand that the purchase price may not reflect the value used for determining whether you meet the investment visa requirement. Be sure to work with a lawyer to verify that the sale meets the the eligibility requirement. Also, when you pay for the title, always request a copy for yourself (i.e., a second copy). You may not automatically get one and to order a copy later is more expensive. Again, discuss this with the lawyer.